Korea’s e-commerce service provider Ticket Monster drew additional funding of $50 million from foreign shareholders Kohlberg Kravis Roberts (KKR) and Anchor Equity Partners, gaining fresh fuel to strengthen its operational efficiency amid intensifying competition.

The capitalization is a third from the two private equity firms owning a combined 80 percent stake in the online retailer after investments in 2015 and 2016.

Ticket Monster said it plans to use the fresh ammunition to improve its financial health and competitiveness.

Ticket Monster is estimated to have recorded an operating loss of 100 billion won ($88.4 million) for full 2018 after 115.3 billion won in losses in the previous year due to fierce competition. The company hopes to improve its standing by expanding sales channel, increasing supports to contractors, and upgrading logistics system.

The e-commerce market has heated up as online shopping has been surging in spite of overall sluggishness in retail sales in Korea. Coupang, leader of the Korean e-commerce market, in November last year drew fresh funding of $2 billion from its major shareholder SoftBank Group of Japan to beef up its logistics capability and finance new technologies. G Market and Auction operator eBay Korea is ramping up a local logistics center, and another online retail major 11st Street won 500 billion won funding from investors including National Pension Service last year for overseas business expansion. Lotte is readying around 3 trillion won investment for its e-commerce business.

By Kang In-seon and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]